Minneapolis-based barbeque restaurant chain Famous Dave’s of America has posted revenues of US$21.2m for the Q1 2002, in line with previously issued guidance of US$21-22m.
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Comparable sales at company owned restaurants decreased 0.4% for the quarter. Comparable sales performance, the first quarterly decline in three years, was affected by Easter and the spring break season falling earlier in the year, as well as the consumer focus on the Winter Olympics. Average weekly sales for the quarter were US$45,140 for company operated restaurants and US$44,796 for franchise operated restaurants
The company also announced that two new franchised restaurants opened during the quarter, one each in Bellevue, Nebraska and Mountainside, New Jersey.
As was previously announced, the company sold its three Wisconsin restaurants to a new franchise group on 28 January, 2002. This brings the quarter end total to 34 company operated and 24 franchise operated. The company also has signed Area Development Agreements for an additional 61 franchised restaurants.
“With the shift in the Easter holiday and the focus on the Winter Olympic Games, we did not achieve increases in comparable sales growth this quarter,” said Martin O’Dowd, president and CEO. ” We are excited about the upcoming quarter and development for the balance of this year as our company and franchise expansion plans are all on schedule.”
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By GlobalDataFor 2002, the company expects to open 8 to 10 new company operated restaurants and 12 to 15 franchise restaurants.
